Struggling telecommunications giant Sprint has announced it is buying pre-paid MVNO Virgin Mobile USA in a deal worth upwards of $480 million—although only $248 million will come out of Sprint’s coffers when the deal goes through. The acquisition in designed to help Spring become a bigger player in the growing market for pre-paid calling: as financial times have gotten tough, consumers have increasingly opted out of pricey subscription plans and opted for pay-as-you-go mobile plans. The deal will add about 5 million new customers to Sprint’s remaining 50 million-or-so wireless users.
